Yes, five.
William Lacey, the chief financial officer of Steelhead Petroleum says, “The implementation of Bill C-69 does not create the stability that investors are seeking.” That's something I've already spoken to.
He continues by saying,
Rather than having a framework that is clear and transparent, it introduces tremendous uncertainty into the approval process....Further, though the discussion today may be about the approval of pipelines, this is about whether Canada is somewhere where capital can be deployed....and whether that investment is competitive versus other jurisdictions around the globe. Capital is mobile, and today it is choosing to leave.
We've seen $80 billion already leave the economy in the last year in the energy sector.
Rachel Notley, NDP premier of Alberta says, “Bill C-69 in its current form stands to hurt our competitive position”. She says that capital is already fleeing to the United States due to the challenges.
RBC president and CEO Dave McKay says,
We would certainly encourage the federal government to look at these issues because, in real time, we’re seeing capital flow out of the country.
We see our government going around the world saying what a great place Canada is to invest—yes, it is a great country, it’s an inclusive country, it’s a diverse country, it’s got great people....
But if we don’t keep the capital here, we can’t keep the people here—and these changes are important to bring human capital and financial capital together in one place.
The Quebec Mining Association..... Mr. Chair, you know I have a fondness for mining. I didn't even talk about the impact this is going to have on future exploration in the mining industry, and I'll refrain from doing so in the interest of time, but I will quote the Quebec Mining Association here: “The time limits introduced by the bill will be enough to discourage mining companies and weaken Quebec and Canada in relation to other more attractive jurisdictions.” That statement was made earlier this year.
Certainty and simplicity should be at the core of any sort of government policy. Bill C-69 provides no certainty and no clarity in actuality. Industry has no way forward with Bill C-69. The bill only seeks to add more uncertainty, as Bill C-69 does not demonstrate a Government of Canada commitment to project development.
The Trans Mountain pipeline expansion was cancelled. Bill C-69 will not add any more clarity to future projects in the energy sector or any other sector. The consequence is that the economy will suffer, as investment will continue to decline. Jobs are created and lost, but business investment shows what companies and people think about the future of our country. What people and companies believe of a country is reflected in the amount of capital investment for the future. Without wise and bold investment made for the future, the pool of jobs created today will wither away in times of economic stress. Bill C-69 will not help our economy weather hard times. Bill C-69 will only help our economy to get into hard times.
I urge the Standing Committee on Natural Resources to adopt my motion. I think it's important that the committee do so.